Subsequent Events	12 Months Ended
Jan. 25, 2020
Subsequent Events
Subsequent Events	16. Subsequent Events The COVID-19 pandemic is having a significant negative impact on our financial performance. The pandemic is ongoing and dynamic in nature and, on March 20, 2020, we temporarily closed all of our stores nationwide for one week, after which we began to reopen stores in regions that were not required to remain closed by state or local mandates. Approximately 80% of our stores are fully open to foot traffic, and fewer than 10 stores remain closed to both foot traffic and curbside pickup, as of May 19, 2020. We are unable to determine with any degree of accuracy the length and severity of the crisis and we expect it will have a material impact on our consolidated balance sheets, consolidated statements of operations and consolidated statement of cash flows in fiscal year 2021. The extent and duration of the crisis remains uncertain, and the results of the fiscal year ending January 30, 2021 could be impacted in ways we are not able to predict today, including, but not limited to, non-cash write-downs, impairments, valuation allowances and potential declines in liquidity. In response to the COVID-19 pandemic, we elected to borrow an additional $55 million on our ABL Facility to mitigate the potential future impacts of market conditions and COVID-19 on our business operations on March 12, 2020. Following the additional borrowings, we had remaining borrowing capacity of approximately $51.3 million under the ABL Facility. As of April 25, 2020, the current weighted average interest rate for borrowings under the ABL Facility was approximately 2.18%. We have suspended all new store openings and remodeling projects for fiscal year 2021 with the exception of seven stores that were at or near completion at the time of the outbreak. While the ultimate duration and impact of this suspension is unknown, it could have a material adverse effect on the execution of our growth strategy and our business, sales and results of operations. We have also implemented a number of other measures to help mitigate the operating and financial impact of the pandemic, including: (i) furloughing a significant number of employees; (ii) temporary tiered salary reductions for corporate employees, including executive officers; (iii) deferring annual merit increases and bonuses; (iv) executing substantial reductions in expenses, store occupancy costs, capital expenditures and overall costs, including through reduced inventory purchases; (v) extending payment terms with our vendors; (vi) negotiating rent deferrals or rent abatements for a portion of our leases; and (vii) working to maximize our participation in all eligible government or other initiatives available to businesses or employees impacted by the COVID-19 pandemic. Based on our operating plans and actions to preserve liquidity, we believe that our cash position, net cash provided by operating activities, borrowings under our ABL Facility and sale-leaseback transactions will be adequate to finance our planned capital expenditures, working capital requirements and debt service obligations over the next twelve months and the foreseeable future thereafter.

Subsequent Events

12 Months Ended

Jan. 25, 2020

16. Subsequent Events

The COVID-19 pandemic is having a significant negative impact on our financial performance. The pandemic is ongoing and dynamic in nature and, on March 20, 2020, we temporarily closed all of our stores nationwide for one week, after which we began to reopen stores in regions that were not required to remain closed by state or local mandates. Approximately 80% of our stores are fully open to foot traffic, and fewer than 10 stores remain closed to both foot traffic and curbside pickup, as of May 19, 2020. We are unable to determine with any degree of accuracy the length and severity of the crisis and we expect it will have a material impact on our consolidated balance sheets, consolidated statements of operations and consolidated statement of cash flows in fiscal year 2021. The extent and duration of the crisis remains uncertain, and the results of the fiscal year ending January 30, 2021 could be impacted in ways we are not able to predict today, including, but not limited to, non-cash write-downs, impairments, valuation allowances and potential declines in liquidity.

In response to the COVID-19 pandemic, we elected to borrow an additional $55 million on our ABL Facility to mitigate the potential future impacts of market conditions and COVID-19 on our business operations on March 12, 2020. Following the additional borrowings, we had remaining borrowing capacity of approximately $51.3 million under the ABL Facility. As of April 25, 2020, the current weighted average interest rate for borrowings under the ABL Facility was approximately 2.18%.

We have suspended all new store openings and remodeling projects for fiscal year 2021 with the exception of seven stores that were at or near completion at the time of the outbreak. While the ultimate duration and impact of this suspension is unknown, it could have a material adverse effect on the execution of our growth strategy and our business, sales and results of operations.

We have also implemented a number of other measures to help mitigate the operating and financial impact of the pandemic, including: (i) furloughing a significant number of employees; (ii) temporary tiered salary reductions for corporate employees, including executive officers; (iii) deferring annual merit increases and bonuses; (iv) executing substantial reductions in expenses, store occupancy costs, capital expenditures and overall costs, including through reduced inventory purchases; (v) extending payment terms with our vendors; (vi) negotiating rent deferrals or rent abatements for a portion of our leases; and (vii) working to maximize our participation in all eligible government or other initiatives available to businesses or employees impacted by the COVID-19 pandemic.

Based on our operating plans and actions to preserve liquidity, we believe that our cash position, net cash provided by operating activities, borrowings under our ABL Facility and sale-leaseback transactions will be adequate to finance our planned capital expenditures, working capital requirements and debt service obligations over the next twelve months and the foreseeable future thereafter.